Asset Reconstruction Company (India) Limited ('ARCIL') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Harvest Hotels and Serviced Apartments Pvt. Ltd. The application was based on a default in repayment of Rs. 187,48,33,568. The Corporate Debtor's loan accounts were classified as NPA by the assignor banks (State Bank of India, Central Bank of India, and Allahabad Bank) on various dates. ARCIL is the assignee of the financial debt from these banks. An earlier CIRP initiated by Central Bank of India against the Corporate Debtor was withdrawn after ARCIL acquired the debt and the CoC resolved to withdraw the CIRP based on an undertaking by the Corporate Debtor
…Asset Reconstruction Company (India) Limited (ARCIL) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Harvest Hotels and Serviced Apartments Pvt. Ltd. (Corporate Debtor) due to a default of Rs. 187,48,33,568. The Corporate Debtor's loan accounts were initially with State Bank of India, Central Bank of India, and Allahabad Bank (Assignor Banks), who had granted financial assistance. Due to non-repayment, the accounts were classified as Non-Performing Assets (NPA). The Assignor Banks entered into a Master Restructuring Agreement (MRA) with the Corporate Debtor on December 29, 2014, restructuring the debt, which amounted to INR 101.25 crores. Central Bank of India had
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Assignor Banks entered…
Central Bank of India's…
Asset Reconstruction Company (India) Limited ('ARCIL') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Harvest Hotels and Serviced Apartments Pvt. Ltd. The application was based on a default in repayment of Rs. 187,48,33,568. The Corporate Debtor's loan accounts were classified as NPA by the assignor banks (State Bank of India, Central Bank of India, and Allahabad Bank) on various dates. ARCIL is the assignee of the financial debt from these banks. An earlier CIRP initiated by Central Bank of India against the Corporate Debtor was withdrawn after ARCIL acquired the debt and the CoC resolved to withdraw the CIRP based on an undertaking by the Corporate Debtor
…Asset Reconstruction Company (India) Limited (ARCIL) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Harvest Hotels and Serviced Apartments Pvt. Ltd. (Corporate Debtor) due to a default of Rs. 187,48,33,568. The Corporate Debtor's loan accounts were initially with State Bank of India, Central Bank of India, and Allahabad Bank (Assignor Banks), who had granted financial assistance. Due to non-repayment, the accounts were classified as Non-Performing Assets (NPA). The Assignor Banks entered into a Master Restructuring Agreement (MRA) with the Corporate Debtor on December 29, 2014, restructuring the debt, which amounted to INR 101.25 crores. Central Bank of India had
…Assignor Banks entered…
Central Bank of India's…